Fri, 25 Sep 2020

READ|'The whole Steinhoff thing is a tragedy': Wiese speaks out on settlement proposal

Steinhoff is a majority share holder in the retailer, owning 71% of the company.

According to Conservatorium's court documents filed in May on the Western Cape High Court, Upington was a company registered in the Netherlands that held the Steinhoff family shares, including those of disgraced former Steinhoff executives, CEO Markus Jooste, former CFO Ben La Grange and former company secretary Stephan Grobler.

Upington was collateral for the €1.6-billion loan and had pledged shares and claims as security of more than 750 million Steinhoff shares, which the lenders have not been able to claim since Upington has been winded up.

In December last year, Conservatorium approached the Amsterdam District Court to have the liquidation set aside.

READ| Steinhoff inviting claimants to the poker table

It is also trying to intervene, in the same court, in Wiese's claims against Steinhoff to ensure that its interests are protected.

"But I don't want to discuss these issues, it's litigation issues," he said.

READ| Steinhoff proposes R16 billion settlement to resolve 90 claims against it

On Friday, Steinhoff said it would not comment beyond the information it had published in its annual results regarding the litigation.

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